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Hi, I'm looking for advice on how to avoid surcharge and huge tax of 12 Lakhs + on salary. Can someone tell me if there is anyway to avoid this? Or refer a good CA for the same.   I have consulted ...

Welcome to Banking & Finance's Private Community

Hi, I'm looking for advice on how to avoid surcharge and huge tax of 12 Lakhs + on salary. Can someone tell me if there is anyway to avoid this? Or refer a good CA for the same. 

I have consulted current CA and she says that nothing can be done, also I have done maximum possible deductions by fair means. Do you think I should go beyond this but a notice can cause real damage. Has anyone experienced notice issues lately if trying to avoid surcharge? 

PS: I dont need advice on how taxes are important to run country or feed less fortunate, so save it. I understand those problems but I've seen same all my life.

Looking for Advice to avoid surcharge

AI Engineer

Looking for Advice to avoid surcharge- Grapevine

Welcome to Personal Finance's Private Community

How do I find a CA? I tried searching grapevine but could not find any relevant post where how we can find one is mentioned..

Is it beneficial to hire a CA for salary upwards of 30LPA?
Like, can they help me save more tax than the usual 80C/NPS/Medical Insurance savings, I seem to have already maxed them out.
Also if we opt for new tax regime, can CA help in saving additional money?

Any help would be appreciated :)

Tax Saving

Business Analyst

I am salaried & have opted for new tax regime. I have zero liability (no EMIs, etc). Closed both my home loan & car loan. I live in my own house.

My yearly tax comes out to be around 12 Lakhs. I want to know if there is a scope to save taxes continuing with zero liability. I would not mind appointing a CA but I have no idea how to choose the best CA.
1. How much does a CA charge annually?
2. Is it really worthwhile to have a CA given the above?
3. What are some questions I must ask the prospective CAs so that I can assess their capability?
4. Salaried people that have already appointed a CA can share their experiences.
5. Is there any off-the-shelf ideas I can get here to save taxes?

Need help choosing a CA to save taxes

Software Architect

I have always been very intrigued about managing my own finances, never hired a CA till now. 

But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it better?

wanted to get some information on how are you guys managing your taxes. 

- Do you guys have a dedicated CA? does hiring a CA helps? 

- How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes? 

- Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term? 

- In terms of wealth generation, what is your strategy? How much you are able to invest? What assets are good in your POV?

P.S. - Before someone comes up with you need to pay taxes so India can grow. I understand your POV but IMO, I am not able to get the benefits/infra in return, but I with all my heart believe in India’s growth story.

People with 50L+ taxable income, how much taxes are you paying? is there a way to reduce that?

Staff Engineer

I'm a software dev contractor and I'm working for 2 companies, having a total income of 50L per annum. 

when I consulted a CA, he mentioned that I'll have to pay 18% GST (since business income is over 20L) and will also have to pay 30% income tax. 

i understand taxes are important and all, but I'm so not willing to give 6 months of my hard work to the government. 

can anyone please advise me on what to do to save on taxes

paying 48% tax. need a CA's advice

Software Engineer

I see many of my colleagues consulting CAs for ITR filing and getting huge returns. What I gathered from their filings were bogus Health Insurance claims, fake HRA claims etc being utilised for showcasing huge deductions. These filings were done along with ITR 2 to somehow bring down the income.

Can anyone shed light on this practice? Are these legitimate CAs ? Is this not illegal? Don't they get caught ?

Note: This post is not to undermine CAs, but to understand how few CAs are doing this ? And is there really a way to decrease your taxable income, without having legitimate investments in the first place.

CAs and Tax Evasion

Test Engineer

How much taxes can be saved on a 40 lakhs package? I am planning to hire a CA but looking for rough estimates here. I can structure my salary in any way I want and can invest in all schemes except housing loans.

Performance Marketer

Since the tax season is upon us, I wanted to check how do you folks handle tax related things? 
1. What are some tricks you use for tax saving?
2. Do you work with a CA or handle taxes yourself?
3. For folks having salary>30lpa- which tax regime have you chosen?

How do you handle taxes?

Product Manager

Welcome to Software Engineers's Private Community

Those who are earning more than 50lpa base how much tax do you end up paying? 😶‍🌫️

Tax on 50lpa+

So this is something that I have been researching for a while, apart from very well known instruments such as-(only mentioning the ones that should be done by everyone irrespective)
* 1.5L annually through 80C
* 50k standard deduction 
* HRA claim
* Donation claims
* Insurance/Medical claims

How are you folks optimising your post tax income?
Would really like to hear it from people getting >= 24 LPA fixed, since from this point onwards a major chunk (almost 20% goes in taxes) and it really hurts.

Tax Savings for 30% slab

People with 50L+ taxable income, how are you managing tax planning?

Can someone explain to me how exactly does the tax work once ur yearly income exceeds 50L?

As I understand, currently there is a surcharge on tax, but there is also surcharge relief as well? I read some articles online and was surprised to learn that surcharge is applied on the total tax you pay, not on the extra earnings above 50L (unlike tax slabs). 

I have some (probably dumb) questions on the topic, hope someone can help.

1. Is amount of 50L on total income or on total taxable income (after various deductions)
2. If I understand the marginal relief correctly, if two people have income as 50L and 51L, both of them will essentially have same post tax income because you will be paying the complete extra 1L as tax?
3. Are there other things I should be aware of regarding this?

I appreciate any help you can provide, thank you!

Tax on more than 50L Income

Software Developer

My friend has 53L in cash from his freelancing and other businesses. How can he save taxes on it? We don't know any CA and the ones he met said pay tax in entirety. 

Any suggestions are welcome.

PS: it's NOT a sarcastic post

How to save taxes?

Senior Product Manager

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

It’s so painful to see the amount of money I end up paying on the name of tax. Presently doing  - 1.5L of LIC and pf + 50k NPS + HRA. What else can be done? My CTC is 55LPA.

Looking for Advice to avoid surcharge

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